OPEC chief: Oil price to stand above $100 this year

Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah al-Badri said that he doesn't expect an oil price lower than $100 per barrel by the end of this year."The crude price is not expected to come down until the end of this year," Badri told reporters on the sidelines of the 15th International Conference on Technology and Innovation in Oil and Gas Industry here in Tehran, adding that the price of $100 is "comfortable" for the consumer and the producing countries. As regards his meetings in Iran, Badri stated that he and Iranian Oil Minister Rostam Qassemi discussed the latest developments in global economy, and described the meeting as "very good". "During the meeting we emphasized that effort should be made so that we could reach an agreement in the next general meeting," Badri stated. Iranian Oil Minister Qassemi, too, said he expects oil prices remain unchanged by the end of this winter. "Demand and supply in the market determine the price of oil. Although at present the price has decreased due to political and economic developments, the present price seems to remain steady by the end of winter," Qassemi told reporters in a news conference in Tehran on Tuesday. Qassemi further pointed to the OPEC's upcoming meeting on December 14 at its headquarters in Vienna, Austria, and said that before the next meeting Iran will consult with members to reach a conclusion about the oil market.